16.08.201806:29:00UTC+00Oil Holds Steady On Hopes For US-China Trade Talks

Oil prices steadied on Thursday after steep losses in the previous session on concerns over rising U.S. crude production and storage levels.

Market sentiment improved somewhat after China said it would hold a fresh round of talks with the United States later this month in an effort to diffuse tensions.

China's Ministry of Commerce said that a Chinese delegation led by vice commerce minister Wang Shouwen will travel to the U.S. in late August for trade talks to be held with U.S. Under Secretary of Treasury for International Affairs David Malpass.

The last round of formal trade negotiations in June failed to make much progress, resulting in a trade war that's hurting global growth.

Brent crude oil was up 12 cents at 70.88 per barrel while U.S. West Texas Intermediate (WTI) crude futures were little changed at $65.02 a barrel.